Regions Bank profitable at end of 2010

Augusta's fourth largest bank

BIRMINGHAM, Ala. - Regions Financial Corp. reported a return to a fourth-quarter profit today.

The Alabama-based bank reported net income of $36 million, or 3 cents per share, for the quarter ended Dec. 31. Regions reported a loss of $606 million, or 51 cents per share, in the same quarter a year earlier as the bank booked a loss on the sale of investment securities.

In the latest quarter, Regions' profit was boosted by $333 million in securities gains.

Analysts surveyed by FactSet had expected a loss of 13 cents per share in the latest quarter. Regions did not report an adjusted profit figure to exclude the one-time securities sale. That type of action is typically excluded by analysts when they formulate their estimates.

However, Regions did say that its provision for loan losses was $682 million, down 42 percent from the year-ago quarter. Non-performing assets and delinquencies fell for the third consecutive quarter.

Net interest income, or earnings from deposits and loans, rose 3 percent to $877 million from $850 million in the same quarter a year earlier.

Non-interest income, or money earned from fees and charges, jumped nearly 69 percent to $1.21 billion from $718 million. That increase was driven by the $333 million in securities gains, as well as a $26 million gain related to a sale of residential mortgage loans, and $59 million in leveraged lease termination gains.

For the full year, Regions reported a loss of 62 cents per share, compared with a loss of $1.27 per share in 2009.

Regions is the fourth largest bank in the Augusta area by market share.





Sun, 02/26/2017 - 00:28

Warren Buffett sticks to business, avoids politics in letter

OMAHA, Neb. — Investors who wanted billionaire Warren Buffett to address the state of the world in his annual letter to Berkshire Hathaway shareholders will likely be disappointed, but they can still take some comfort in his consistently rosy long-term outlook for the U.S. economy. Read more

Sat, 02/25/2017 - 21:33

Good Deeds